Home Buying in Rochester>Question Details

Thanks In Ad…, Home Buyer in Rochester, NY

My house sold w/consessions the bank may not approve due to Fair MV(waiting 2 weeks). We found a house but i am leary to bid with a contingency.

Asked by Thanks In Advance, Rochester, NY Mon Feb 21, 2011

What are our options? Our house sold in 3 days without an open house and we have a few others interested if the buyer does not make up the difference in the bank approval. The for sale by owner we want to negotiate with are motivated to sell (transfered) but i dont want to do a contingency because if my house does not sell i would prefer to take my time and see what comes on the market while i am still selling my home. I have an open relationship with the sellers and just need to negotiate the price and contingency or their drop clause if a better bid comes in for them. If a contingency is recommended and mine would not sell in the time frames would i have 2 mortgages?

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Christopher Carapezza’s answer
From my understanding is if the mortgage gets approved on your house, you would want to buy the For Sale By Owner house correct? And if the deal on your house falls through, then you would not want to rush into the For Sale By Owner house and you would want to look around at other houses to make sure you find the right one? Assuming you and the seller can come to terms, then why would you not want to do a contingent offer? That way if your house does not sell with the current buyer then you are free to walk away from the For Sale By Owner, as long as you put that clause into your contract.
1 vote Thank Flag Link Mon Feb 21, 2011
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